Brian McIntyre of Yahoo Sports reports that the San Diego Chargers and QB Phillip Rivers have agreed to restructured contract.

According to McIntyre, Rivers reduced in base salary of $12 million to $7 million in return for a $5 million signing bonus. McIntyre adds that this move will free up $3.3 million in cap space and could allow the Chargers to part ways with Rivers for a minimal cap hit next season.

Rivers, 31, signed a seven-year contract worth $98.25 million, which includes $38.15 million guaranteed. Rivers still has three